Brits 'at home' in Spain

07 November 2005

The number of UK residents buying property in Spain and other destinations is set to double, says Barclays.

A third of potential overseas buyers said Spain (including the Balearics and Canary Islands) was their favourite destination to have a second home.

The bank found five per cent of Brits have decided to buy a property abroad in the future, while five per cent already own an overseas home.

Almost 40 per cent admitted they were thinking about buying a property in another country.

The US was the second most popular destination while France was a close third.

Brits said the main thing that put them off buying abroad were legal and tax implications, being ripped off by the seller and not being able to cope with a new language and culture.

"The trend towards owning property abroad shows no sign of abating and could go through the roof if people were more confident of a hassle-free purchase," said Suzanne Clay, head of European business development at Barclays.